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Report Date : |
22.04.2014 |
IDENTIFICATION DETAILS
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Name : |
MICROFIBRES, INC. |
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Formerly Known as : |
Rayon Processing Company of Rhode Island |
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Registered Office : |
One Moshassuck Street, Pawtucket, RI 02860 |
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Country : |
United States |
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Date of Incorporation : |
16.02.1926 |
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Legal Form : |
Corporation – Profit |
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Line of Business : |
· manufacturer and distributor of flocked upholstery fabrics. Subject offers nylon-velvet products including piece-dyed,
fiber-dyed, printed, transfer printed, and embossed fabrics. provider of apparel, home furnishings,
child safety seats, and pet products. |
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No. of Employees : |
300 + parts time |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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United States |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
United States ECONOMIC OVERVIEW
The US has the largest and most technologically powerful economy in the
world, with a per capita GDP of $49,800. In this market-oriented economy, private
individuals and business firms make most of the decisions, and the federal and
state governments buy needed goods and services predominantly in the private
marketplace. US business firms enjoy greater flexibility than their
counterparts in Western Europe and Japan in decisions to expand capital plant,
to lay off surplus workers, and to develop new products. At the same time, they
face higher barriers to enter their rivals' home markets than foreign firms
face entering US markets. US firms are at or near the forefront in
technological advances, especially in computers and in medical, aerospace, and
military equipment; their advantage has narrowed since the end of World War II.
The onrush of technology largely explains the gradual development of a "two-tier
labor market" in which those at the bottom lack the education and the
professional/technical skills of those at the top and, more and more, fail to
get comparable pay raises, health insurance coverage, and other benefits. Since
1975, practically all the gains in household income have gone to the top 20% of
households. Since 1996, dividends and capital gains have grown faster than
wages or any other category of after-tax income. Imported oil accounts for
nearly 55% of US consumption. Crude oil prices doubled between 2001 and 2006,
the year home prices peaked; higher gasoline prices ate into consumers' budgets
and many individuals fell behind in their mortgage payments. Oil prices climbed
another 50% between 2006 and 2008, and bank foreclosures more than doubled in
the same period. Besides dampening the housing market, soaring oil prices
caused a drop in the value of the dollar and a deterioration in the US
merchandise trade deficit, which peaked at $840 billion in 2008. The sub-prime
mortgage crisis, falling home prices, investment bank failures, tight credit,
and the global economic downturn pushed the United States into a recession by
mid-2008. GDP contracted until the third quarter of 2009, making this the
deepest and longest downturn since the Great Depression. To help stabilize
financial markets, in October 2008 the US Congress established a $700 billion
Troubled Asset Relief Program (TARP). The government used some of these funds
to purchase equity in US banks and industrial corporations, much of which had
been returned to the government by early 2011. In January 2009 the US Congress
passed and President Barack OBAMA signed a bill providing an additional $787
billion fiscal stimulus to be used over 10 years - two-thirds on additional
spending and one-third on tax cuts - to create jobs and to help the economy
recover. In 2010 and 2011, the federal budget deficit reached nearly 9% of GDP.
In 2012 the federal government reduced the growth of spending and the deficit
shrank to 7.6% of GDP. Wars in Iraq and Afghanistan required major shifts in
national resources from civilian to military purposes and contributed to the
growth of the budget deficit and public debt. Through 2011, the direct costs of
the wars totaled nearly $900 billion, according to US government figures. US
revenues from taxes and other sources are lower, as a percentage of GDP, than
those of most other countries. In March 2010, President OBAMA signed into law
the Patient Protection and Affordable Care Act, a health insurance reform that
was designed to extend coverage to an additional 32 million American citizens
by 2016, through private health insurance for the general population and
Medicaid for the impoverished. Total spending on health care - public plus
private - rose from 9.0% of GDP in 1980 to 17.9% in 2010. In July 2010, the
president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act,
a law designed to promote financial stability by protecting consumers from
financial abuses, ending taxpayer bailouts of financial firms, dealing with
troubled banks that are "too big to fail," and improving
accountability and transparency in the financial system - in particular, by
requiring certain financial derivatives to be traded in markets that are
subject to government regulation and oversight. In December 2012, the Federal
Reserve Board (Fed) announced plans to purchase $85 billion per month of
mortgage-backed and Treasury securities in an effort to hold down long-term
interest rates, and to keep short term rates near zero until unemployment drops
below 6.5% or inflation rises above 2.5%. In late 2013, the Fed announced that
it would begin scaling back long-term bond purchases to $75 billion per month
in January 2014 and reduce them further as conditions warranted; the Fed,
however, would keep short-term rates near zero so long as unemployment and
inflation had not crossed the previously stated thresholds. Long-term problems
include stagnation of wages for lower-income families, inadequate investment in
deteriorating infrastructure, rapidly rising medical and pension costs of an
aging population, energy shortages, and sizable current account and budget
deficits.
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Source : CIA |
Company name: MICROFIBRES, INC.
Address: One Moshassuck Street, Pawtucket, RI
02860 - USA
Telephone: +1
401-725-4883
Fax: +1 401-722-8520
Website: www.microfibres.com
Corporate ID#: 000010534
State: Rhode Island
Judicial form: Corporation – Profit
Date incorporated: 02-16-1926
Stock: 50,000
shares common (30,000 shares issued and outstanding)
Value: USD
1= par value
Name of manager: James
R. McCULLOCH
Business:
Microfibres, Inc. manufactures and distributes flocked upholstery
fabrics.
The company offers nylon-velvet products including piece-dyed,
fiber-dyed, printed, transfer printed, and embossed fabrics.
Additionally, it provides apparel, home furnishings, child safety seats,
and pet products.
Microfibres, Inc. was formerly known as Rayon Processing Company of
Rhode Island and changed its name in January 1961.
The company was founded in 1926 and is based in Pawtucket, Rhode Island.
Office of the Foreign
Assets Control (OFAC):
The company is not listed on the OFAC list.
The Specially Designated Nationals (SDN) List is a publication of OFAC which
lists individuals and organizations with whom United States citizens and
permanent residents are prohibited from doing business.
Suppliers include:
- Campo Coprint BV
EIN: 05-0206360
Staff: 300 + parts time
Operations & branches:
At the headquarters, we
find a factory, warehouse and office, owned.
The Company maintains branches located:
3801 (not 3821) Kimwell Drive, Winston
Salem, NC 27114 –
Ph: +1 336-768-7312
Fx: +1 336-768-6081
2826 Westover Park, Beldon, MS
38826
Ph: +1 662-840-0060
Fx: +1 662-840-0063
Shareholders:
This is a private Company.
Management:
James R. McCULLOCH is the President, Director and CEO
(no antecedents available)
Mary Ann BEIRNE is the CFO and Secretary.
As far as we know, he is they are not involved in other local
corporations.
Subsidiaries
and partnership:
None
In United States, privately
held corporations are not required to publish any financials.
On a direct call, nobody
was available to answer our questions.
We sent a fax but no answer
received.
Outside sources (bank) gave
estimate sales for year 2013 in the range of
USD 100,000,000=
The business is profitable.
Banks: Webster Bank
50 Kennedy Plaza, Providence, RI 02903
Ph: +1 401-273-8298
Legal filings
& complaints:
As of today date, there is no legal filing pending with the Courts.
Secured debts
summary (UCC):
File number: 20100064510M
Date filed: 08-13-2010
Lapse date: 08-13-2015
Secured Party: De Lage Landen Financial Services Inc.
1111 Old Eagle School Road, Wayne, PA 19087
File number: 20100064511A
Date filed: 08-13-2010
Lapse date: 08-13-2015
Secured Party: De Lage Landen Financial Services Inc.
1111 Old Eagle School Road, Wayne, PA 19087
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.60.34 |
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UK Pound |
1 |
Rs.101.41 |
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Euro |
1 |
Rs.83.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
Div |
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation
is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.